v3.26.1
Derivative and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Estimated Fair Values of Our Natural Gas and Oil Derivative Instrument Assets (Liabilities)
The estimated fair values of our natural gas, oil and NGL derivative instrument assets (liabilities) as of March 31, 2026 and December 31, 2025 are provided below: 
March 31, 2026December 31, 2025
Notional Volume(a)
Fair Value
Notional Volume(a)
Fair Value
Natural gas (Bcf):
Fixed-price instruments869 $264 756 $128 
Two-way collars858 252 1,143 212 
Three-way collars680 95 175 32 
Call options (sold)55 (4)73 (1)
Basis protection instruments261 (31)337 (66)
Total natural gas2,723 576 2,484 305 
Oil (MMBbls):
Two-way collars2 $(2)— $— 
Three-way collars— — — 2 
Total oil2 (2)— 2 
NGLs (MMBbls):
Fixed-price instruments4 $(18)— $— 
Total NGL4 (18)— — 
Total estimated fair value$556 $307 
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(a)Notional volumes are presented net of short and long positions.
Schedule of Effect of Derivative Instruments, Condensed Consolidated Balance Sheets
The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 on a gross basis and after same-counterparty netting:
Gross Fair Value(a)
Amounts Netted in the Condensed Consolidated Balance SheetsNet Fair Value Presented in the Condensed Consolidated Balance Sheets
As of March 31, 2026
Commodity Contracts:
Short-term derivative asset$661 $(232)$429 
Long-term derivative asset142 (15)127 
Short-term derivative liability(232)232 — 
Long-term derivative liability(15)15 — 
Total derivatives$556 $— $556 
As of December 31, 2025
Commodity Contracts:
Short-term derivative asset$340 $(76)$264 
Long-term derivative asset66 (19)47 
Short-term derivative liability(79)76 (3)
Long-term derivative liability(20)19 (1)
Total derivatives$307 $— $307 
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(a)These financial assets (liabilities) are measured at fair value on a recurring basis utilizing significant other observable inputs; see further discussion on fair value measurements below.